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Article: Prosecution of Key Supporter in Major Money-Laundering Scheme Underscores Cayman Islands' Commitment to Fighting Financial Crime.
- Article from:
- PR Newswire
- Article date:
- November 24, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GEORGE TOWN, Cayman Islands, Nov. 24 /PRNewswire/ -- The Cayman Islands Government's commitment to prosecuting perpetrators and confiscating the proceeds of crime was reaffirmed recently with the sentencing of Mr. Patrick Thomas Tibbetts for his role in an international money-laundering scheme.
Tibbetts was convicted of assisting Mr. Richard Homa and Mr. Michael Gause -- both of the U.S. -- engage in and benefit from criminal conduct using a "Ponzi" scheme known as Cash4Titles.(1) More than 1,800 investors from the U.S. were defrauded out of approximately $517 million in Cash4Titles; both Homa and Gause were prosecuted in 2002 by the U.S. Securities and Exchange ...